U.S. oil prices fall for second day after stockpiles rise

Reuters Staff

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TOKYO, Feb 28 (Reuters) - U.S. oil prices extended declines into a second day after industry data showed an increase in U.S. crude and gasoline stockpiles, with surging production in the country hampering OPEC attempts to end a global glut.

U.S. West Texas Intermediate crude was down 19 cents, or 0.3 percent, at $62.82 by 0028 GMT, after falling 90 cents the previous session.

Brent crude was yet to trade. On Tuesday, the contract fell 87 cents to close at $66.63 a barrel.

U.S. crude stockpiles climbed last week as imports increased, while gasoline inventories climbed and distillate stocks were drawn down, industry group the American Petroleum Institute said on Tuesday.

Crude inventories rose by 933,000 barrels in the week to 421.2 million, compared with analyst expectations for an increase of 2.1 million barrels.